Texas Governor against sports betting legalisation

is currently engaged in discussions with Berjaya and Genting Group regarding the possibility of establishing a casino in Forest City, located in Johor, a state located south of the country and known for beaches and rainforest.  

Forest City, often referred to as the nation's 'ghost city,' was initially unveiled in 2006 as part of a 20-year development project funded by a consortium of primarily mainland Chinese real estate developers. 

The massive $100 billion (€93.5 billion) property project, which also involves the nation's monarch as a shareholder, has garnered attention from Malaysian Prime Minister Anwar Ibrahim. A recent Bloomberg report said that Prime Minister Anwar Ibrahim held preliminary discussions with Vincent Tan, the founder of Berjaya Corp, and Lim Kok Thay from Genting Group regarding the proposed casino venture. 

Despite the discussions, uncertainties loom over the potential project due to 's predominantly Muslim population and cultural aversion to gambling. The Muslim-majority nation's stance on gambling presents a significant hurdle to the establishment of a casino, raising questions about the feasibility of the proposed venture. 

Notably, the country's King holds a substantial stake of over 20 percent in the Forest City joint venture, which is overseen by developer Country Garden. Additionally, King Ibrahim has interests in Berjaya Assets Bhd, while his daughter serves as the Chair of Berjaya Corp. King Ibrahim recently ascended to the throne in January, adding complexity to the political landscape surrounding potential developments in Forest City. 

If the discussions lead to concrete agreements, the establishment of a casino in Forest City would mark Malaysia's second-ever casino licence. However, the project's realization hinges on navigating cultural sensitivities, regulatory considerations, and political dynamics within the Southeast Asian country. 

Upcoming SiGMA event: SiGMA Asia 2024, 3 – 5 June. Find all the details .

David Einhorn, co-founder of Greenlight Capital and a seasoned hedge fund investor, has strategically invested in Penn Entertainment amidst market volatility. This significant investment, made in the first quarter of this year, is a part of Einhorn’s ongoing efforts to diversify his portfolio.

Einhorn’s investment in Penn Entertainment has sparked curiosity about the future governance of such gambling giants. The trend of activist hedge funds influencing casino operators is reshaping the industry, and Einhorn’s recent move aligns with this shift. Given his style of investment history, insiders say it’s plausible that Einhorn may take an active role in Penn’s governance. As these developments unfold, the casino sector is keenly observing the potential implications. The question that lingers is whether the future of the gambling industry will be dictated by the strategic moves of hedge funds.

In a similar vein, led by former Goldman Sachs banker Parag Vora, also took a proactive stance in Penn Entertainment. With an 18.5 percent stake in the company, HG Vora also requested the appointment of directors to Penn’s board, signalling its intent to influence the company’s decision-making. This move came following concerns over Penn Entertainment’s undervalued stock, which experienced a 16 percent decline throughout 2023. Vora expressed dissatisfaction with the company’s board structure and strategic direction, calling for immediate changes.. The intervention led to a nearly immediate 4.8 percent surge in the share price. This move ignited discussions about the

Over the first quarter of this year, Einhorn has been building a significant stake in Penn Entertainment. Despite the stock’s value declining from $22.69 to $17.44 per share, largely due to investor skepticism following Penn’s challenging acquisition of Barstool Sports, Einhorn remains optimistic. He sees potential in sports betting and believes that if Penn executes it correctly, it could significantly boost the company’s shares.

In the fourth quarter, geopolitical risks led Einhorn to pause his new stock acquisitions, a move he referred to as a “buyer’s strike”. Despite this, his hedge fund managed to yield a 4.9 percent return in the first quarter of 2024, contrasting with the S&P 500’s 10.6 percent gain during the same period.

Einhorn’s investment prowess extends beyond Penn Entertainment. He revealed a first-quarter stake in HP, anticipating an AI-driven personal computer adoption cycle. He also ventured into the biotech sector, taking new stakes in Roivant Sciences and the Class A shares of Liberty Global (LBTYA).

Einhorn’s strategies reflect his adaptability and foresight in a volatile market. His faith in Penn Entertainment’s potential in sports betting, coupled with his investments in tech and biotech sectors, underscores his vision for future market trends. As the gambling market, particularly sports betting, continues to evolve, it will be intriguing to see how Einhorn’s investments unfold. Will the future of the gambling industry be dictated by the strategic moves of hedge funds like Greenlight Capital? The answer remains to be seen.

In the first quarter of 2024, theof 0.4 percent, amounting to a total of £307.7 million. This slight growth was facilitated by a 2.7 percent rise in the number of active customers during the quarter, reaching 1.7 million.

The company’s B2C gross winnings revenue (GWR) constituted £297.6 million of the total revenue, marking a 0.1 percent increase. Simultaneously, the company’s underlying EBITDA saw a significant improvement, increasing by 20 percent to £59.3 million.

A noteworthy 84 percent of the GWR was generated from locally regulated markets during the quarter, setting a new record for the company. The CEO, Nils Andén, highlighted this achievement.

Breaking down the total GWR, 64 percent (£191.5 million) originated from Western Europe, marking a 9.9 percent year-on-year increase. The Nordics contributed 22 percent (£65.2 million) to the total GWR, despite a 14.9 percent reduction compared to Q1 2023. Central, Eastern, and Southern Europe accounted for 10 percent (£29.8 million) of the remaining GWR, experiencing a year-on-year drop of 7.7 percent. The final 4 percent (£11.1 million) came from other regions, which saw a decrease of 21.8 percent.

In terms of revenue by vertical, online casino and games led the way, accounting for 56 percent of the revenue. Sports betting followed, generating 39 percent of the GWR. Poker and other products contributed 3 percent and 2 percent to the total, respectively.

The business declared a profit after tax of £31.4 million, marking a substantial 22.7 percent increase from Q1 2023.

CEO Andén commented on the company’s solid start to 2024, with business operations performing well and operational initiatives progressing as planned. He mentioned the headcount reduction plans announced at the end of the previous year were progressing as intended, and the North America exit is set to conclude towards the end of the second quarter this year.

The growth plan launched during the fourth quarter of the previous year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets. Andén also expressed excitement for the upcoming summer of sports, including the UEFA Euros, the Copa America, and the Paris Olympics.

Looking beyond the end of the quarter, the business provided a trading update up to and including 21 April. The average daily gross winnings revenue for the group was £3.5 million during the period, 6 percent ahead of the daily average in Q2 2023. Excluding North America, gross winnings revenue was up 8 percent year-on-year.

The operator’s sports betting margin after free bets for the period was 11.3 percent, in line with Q2 2023 but ahead of the group’s long-term average of 9.8 percent.

The company continues to The deal was approved by the Swedish Financial Market Supervisory Authority in February, but still requires several regulatory approvals before going ahead, as well as amendments to Kindred’s articles of association.

Philippine Senator Sherwin Gatchalian has urged the Bureau of Immigration (BI) to step up efforts in preventing foreigners engaged in illegal Philippine Offshore Gaming Operators (POGOs) from entering the country and setting up illicit operations. Gatchalian underscored the importance of the BI acting as effective gatekeepers against criminal elements exploiting the Philippines for illegal activities. 

The senator's call comes amidst growing concerns over -related crimes, including human trafficking. According to a report from the Philippine National Police (PNP), over 4,000 individuals were victimized in the first half of last year alone. Gatchalian emphasized the need for stringent measures to combat these criminal activities and protect the country's citizens. 

In response to these issues, Gatchalian has proposed a resolution to permanently ban illegal POGO operations, highlighting their associations with criminal elements. Despite ongoing licensing by the Philippine Amusement and Gaming Corp. (PAGCOR), Gatchalian argued for the cessation of such activities to safeguard the country's integrity. 

While some politicians and PAGCOR continue to support offshore gaming due to the revenue it generates and the jobs it creates, Gatchalian remained firm in his stance against illegal POGOs. He stressed the importance of prioritizing national security and combating organized crime over financial gains. 

Earlier this week, the Chinese Embassy in Manila its endorsement of the Philippine government efforts to address the underlying issues associated with POGOs. In a statement, the Chinese Embassy said that gambling in any form is illegal according to Chinese law. It also reiterated the crackdown on Chinese nationals involved in gambling businesses abroad, emphasizing the importance of abiding by local laws and regulations. 

Meanwhile, has announced plans to privatise its 45 casinos by the third quarter of 2025, anticipating significant revenue generation. This strategic move aims to offset state losses resulting from unpaid dues totalling about PHP2.2 billion (€35.6 million) from closed POGO companies, indicating the government's commitment to recouping losses while ensuring regulatory compliance. 

Upcoming SiGMA event: SiGMA Asia 2024, 3 – 5 June. Find all the details .